https://www.taxtmi.com/highlights?id=78591 The Appellate Tribunal held that the addition u/s 56(2)(vii) or 28(iv) was unjustified, as the purchase was made with consideration, cheques were given to sellers with some not cleared due to property litigation. The addition u/s 69 for unexplained deposits was deleted, as cash withdrawals from one bank provided a source for deposits in another, AO's reasons were vague. The addition for cash-receipts as unexplained was also deleted, as taxable receipts were part of sale-proceeds duly assessed. Addition on account of cash-receipt for Godamaru was deleted, as money was refunded due to deal cancellation. The issue of advance for Badwai was remitted to AO for verification in a subsequent assessment year. en-us Tue, 18 Jun 2024 10:42:56 +0530 Tue, 18 Jun 2024 10:42:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78591 The Appellate Tribunal held that the addition u/s 56(2)(vii) or 28(iv) was unjustified, as the purchase was made with consideration, cheques were given to sellers with some not cleared due to property litigation. The addition u/s 69 for unexplained deposits was deleted, as cash withdrawals from one bank provided a source for deposits in another, AO's reasons were vague. The addition for cash-receipts as unexplained was also deleted, as taxable receipts were part of sale-proceeds duly assessed. Addition on account of cash-receipt for Godamaru was deleted, as money was refunded due to deal cancellation. The issue of advance for Badwai was remitted to AO for verification in a subsequent assessment year. Highlights Income Tax Tue, 18 Jun 2024 10:42:56 +0530 https://www.taxtmi.com/highlights?id=78591